Filipino fintech Mynt secures $300m fundraise at $2bn valuation

Financial services provider Mynt has landed a $300 million investment round valuing the company at over $2 billion.

GCash boasts 48 million active users

The round was led by global investment giant Warburg Pincus and New York-based private equity and venture capital firm Insight Partners, with participation from Itai Tsiddon, Amplo Ventures, Globe, Ayala and Bow Wave.

The fintech claims its most notable subsidiary, GCash, is the most popular e-wallet in the Philippines.

The app’s numbers more than doubled during the COVID-19 pandemic, with 48 million active users — nearly half of the population — and 3 million merchants and sellers using the app.

Mynt says it is on track to have processed PHP 3 trillion ($59.3bn) on the app this year, triple the amount in 2020, as the pandemic has accelerated the need for and use of digital money.

In January, GCash raised $175 million, bringing its valuation close to $1 billion in total.

GCash is a joint venture between Filipino conglomerate Ayala Group, telecoms giant Globe Telecom and Ant Group, an affiliate company of the Alibaba Group and the operator of Chinese e-payments giant Alipay.

Mynt offers a number of financial services through products, subsidiaries and partnerships, covering credit, savings, insurance, loans and investments. The firm is also looking to launch a buy now, pay later (BNPL) product within the next year.

President and CEO of Mynt, Martha Sazon, says the new funding will help the firm “in the pursuit of our vision towards finance for all” as part of the Philippines’ wider push for financial inclusion.